Hi. I heard somewhere that you can contribute to IRAs until you are 70,5 years of age.Is this true? If yes, what is the maximum you can contribute to the IRAs?Thank you.

6 comments so far...

tom4bucs Said on March 21st, 2010 at 3:26 pm:

depends on your IRA if it’s a 401k or ROTH –
both have different rules and regs

and there is a conversion possible in 2010 to convert
ONE TIME – from 401k to ROTH

speak to someone at your bank about the possibilities for you

all the best

efflandt Said on March 21st, 2010 at 4:18 pm:

After age 70.5 you have to take required minimum distributions (RMD) from a traditional IRA. Not sure if anything changed for 2009, but for 2008 annual contribution limit was $5000 ($6000 if age 50 or older). That is a grand total for any types of IRA’s, but there are some special situations that might allow more (see IRS Publication 590).

After age 70.5 you can still convert money from IRA (or former employer’s 401k) to a Roth IRA, but not the RMD, just an amount above that. My mom is still converting IRA to Roth IRA and she is 79 years old.

You pay tax on the amount converted to the Roth IRA, but no more tax, a Roth IRA has no required minimum distributions, and there are estate advantages.

bud68 Said on March 21st, 2010 at 4:29 pm:

You can make IRA contributions as long as you have earned income. You are confusing that with the age at which you must start taking distributions.

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